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241009453 TOGI:'I"I WI'1'�I all the improvements now ar hereafter crcclul on thc pro�crty, anci all 4ascmcnt�ti, appurtenances and �xtures now or hereafter a part of the ptopetty. All replaccmcnls and additionti shall altio b4 covc;recl by this Security Inslrumcnl. All of the foregoing is rcFerrcd lo in lhis 5ccurily Instrument as the "ProperLy." B(�RR(�W�R COV�NANTS that Botxower is lawfully seized of thc cslatc hcruby conveyed and has the right to grant and c�nvey the Property and thnt the Property is uneticumbered, excc�pt for cncumhrances of record. Borrower warrants and will defcnc.l gc:ncrally the title to the Property against a11 clairns and dcmands, subject to any eneumbrances of record, TI-3I5 SEC[JRITY INSTRUM�N1' combines uniform covenants for nationa] use and non-uniform covenants with limilcd variations by jurisdiction i.o conslitute a uniform security instrument covering real property. Borrowcr and Lender covenant and agrcc as follows: LTNIFORM COV�NANTS. 1. Payment of Principal, Interest and Lat� Gharge. Borrower shall pay whcn clue the principal of; and interest on, the deht evidencc;d by thc Note and late charges due under the Notc. 2. Monthly Payment of Taxes, Insurance and Other Charges. Borrower shall include in each monthly payment, together with the princip and interest as set forth in the Note and any late charges, a sum for (a) taxes and special assessments levied or to bc lcvied a.gainst the Property, (b) leasehold paym�ents or ground rents on the Property, and (c) premiums for insurancc rcquired under Paragraph �. In any year in which thc Lende.r must pay a mortgage insurance premium to t}xe Secretary of IIousing and iJrban Develo�ment ("Secretary"), or in any year in which such premium would have been requi.red if Lcnder still held the Security Instrument, each rnonthly payment shall also include either: (i) a sum for the annual mortgage insurance pretnium to be paid by Lendet to ihc Secrctary, or (ii) a monthly charge instead of a mortgage insurancc premium if this Security Instrument is hcld by thc Secrclary, in a rcasonable amount to be determined hy the Secretary. �xccpt for the monthly charge by the Secrctary, thcse items arc callcd "Escrow Itc;ms" and the sums paid to Lender are callcd "Escrow Funds." Lcndcr may, at any time, enllect and hold amounts for Escrow Items in an aggregate amount not to exceed the maximum amount lhal may be required for Borrowcr's escrow account under the Rea] Estate Settlement Procedures Act of 1)74, 12 L1.5,C. Scction 2G01 et ,ceg_ and irnplcmcnting rcgulations, 24 CFR Part 3500, as they may be �unended from timc lo timc; ("R�SPA"), exce}�t that the cushion or reserve permitted hy RESPA for unanticipated disbursements or disburscmcnis before ihc Borrower's p�yments ate availablc in the account may not be based on amounts due for the mortgage insurancc prcrnium. If the amounts held by Lender for Escrow Items exceed the amounl5 permiticd to bc hcld by RESPA Lenc�er shall aceount to Borrower fot' thc; cxcess funds as required by R�SPA. If ihc amounls of funds hcld by Lcnder at any tirne are not sufficient ta pay the �scrow Items when due, �,ender may notify the Borrowcr and require Bortower to make up the short�ge as permitted by RESPA. The Bscrow Punds are pledged as additional sccurity for all sums secured by this Security Instrument. If Borrowcr tcndcrs to Lender ihc full payment of all such sums, Borrower's account shall be credited with the balance remaininb for all installmcnt items (a), (b), and (c) and any marCgage insurance premium installment that Lender has not become obligatcd to pay to the Secretary, and I.,ender shall promptly refund any excess funds to Borrower. Immediately prior to a foreclosure salc of the Property or i.ts acquiSiLion by Lender, Borrower's account shall be credited with any balance remaining for all inSCallments for items (a), (b), and (c). 3. Application of Payments, All paymcnts under Paragraphs 1 and 2 shall be applied hy Lender a.s follows: First, to ihc mortgage insurance premium to bc paid by Lender to the Secretary or to the monthly charge by the Sccrelary instead of the monthly mortgage insurance premium; Second, to any taxeti, special ��ssessments, leasehal�l payments or ground renis, and firc, flood and othcr hazard insurance }�remiums, as requireci; Third, to inlcresl due under the Note; HCFG-00703 FHA Deed of Trust•NE VMP9 Wolters Kluwer Financial Services 201012153.5.0.0.400220100630V Revised 4/96 Page 2 of 7 '6 55 0 17'